当然，当下的中国GPU产业仍处于构建核心技术栈与完整生态的起步阶段。摩尔线程此前在IPO招股书中也表示，英伟达的CUDA生态在行业生态内处于 垄断地位，未来拓展业务将面临越来越高的研发难度及计算生态壁垒构建困难等挑战。 摩尔线程创始人、董事长兼CEO张建中表示，新架构相较前代架构，密度提升50%，效能提升10倍，支持十万卡以上规模智算集群。未来摩尔线程将基于 该架构推出高性能AI训推一体"华山"芯片与专攻高性能图形渲染的"庐山"芯片。此外，摩尔线程还宣布推出搭载智能SoC芯片"长江"的AI算力本，作为连 接开发者与MUSA生态的核心入口。 生态建设是GPU行业的核心壁垒之一。例如，CUDA生态便是英伟达构建起近二十年的市场领先地位、并实现从硬件厂商向计算平台巨头转型的核心护城 河。 中国工程院院士、清华大学计算机系教授郑纬民在大会主题演讲中表示，发展"主权AI"是提升未来国家竞争力的关键，其核心在于实现"算力自主、算法 自强、生态自立"的完整体系。他认为，国产计算显卡与国外主流产品的性能差距正在持续缩小，虽然构建国产万卡乃至十万卡级别的超大规模智算系统 存在难度，但这是必须完成的产业基础设施任务。他特别指出， ...

国产GPU领军企业摩尔线程（688795.SH）的生态版图正在加速扩张。 据现场披露的信息，"华山"芯片内置了新一代异步编程模型，具备高效线程同步和线程束特化特性，在 张量计算方面，该芯片拥有全精度MMA，并配备了摩尔线程MTFP8/6/4混合低精度计算技术。 而另一款芯片"庐山"则重点优化了任务分配与平衡，其AI计算性能较前代提升了64倍，几何处理性能提 升16倍，并完整支持DirectX 12 Ultimate。 芯片的迭代最终需落实到大规模工程化应用中。 在智算中心建设成为产业刚需的背景下，摩尔线程现场发布了"夸娥"万卡智算集群。 该集群的浮点运算能力达到10Exa-Flops，在实际运行表现上，该万卡集群在Dense大模型上的训练算力 利用率（MFU）达到60%，在MOE大模型上为40%，有效训练时间占比超过90%。 12月20日，摩尔线程在北京举办首届"MUSA开发者大会"（MDC 2025），创始人、董事长兼CEO张建 中介绍了公司研发历时五年的核心成果——新一代全功能GPU架构"花港"。 在长达数小时的主题演讲中，张建中将"全功能"视作摩尔线程的技术底座。 他认为，全功能GPU的创新本质是一部算 ...

12月20日，摩尔线程上发布AI算力本MTT AIBOOK笔记本，目前该笔记本已在京东开放预售，32GB、 1TB 版本预售价9999元。该笔记本搭载摩尔线程新发布的自主研发智能SoC 芯片"长江"，集成高性能全 大核CPU，以及摩尔线程全功能GPU，支持MUSA 统一架构，异构AI算力达50TOPS。该笔记本集开 发、办公、娱乐等于一体，支持Windows虚拟机、Linux、安卓容器以及所有的国产操作系统。 （文章来源：21世纪经济报道） （来源：智通财经） ...

摩尔线程最新发布。 12月20日，摩尔线程董事长兼CEO张建中在摩尔线程首届MUSA开发者大会上发布新一代GPU架构——"花港"。据介绍，"花港"基于新一代指令集，算力 密度提升50%，能效提升10倍，可支持十万卡以上规模智算集群。 此前，摩尔线程曾发布预告称，12月20日至21日，摩尔线程首届MUSA开发者大会（MUSA Developer Conference）将在北京中关村国际创新中心举办。 张建中将首次系统阐述以MUSA（Meta-computing Unified System Architecture）为核心的全栈发展战略与未来愿景，并重磅发布新一代GPU架构、推出涵 盖产品体系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进展。 摩尔线程还分享了其图形进化与前沿探索：实现硬件级光线追踪加速与自研AI生成式渲染技术，具身智能、科学智能（AI4S）、AI for 6G等前沿领域的 深度布局。 摩尔线程主要从事GPU及相关产品的研发、设计和销售，被市场视为"中国版英伟达"。12月5日，摩尔线程顶着"国产GPU第一股"称号登陆A股市场，上市 首日就大涨超400%，此后股价更是一路上涨， ...

12月20日，摩尔线程上发布AI算力本MTT AIBOOK笔记本，目前该笔记本已在京东开放预售，32GB、 1TB 版本预售价9999元。该笔记本搭载摩尔线程新发布的自主研发智能SoC 芯片"长江"，集成高性能全 大核CPU，以及摩尔线程全功能GPU，支持MUSA 统一架构，异构AI算力达50TOPS。该笔记本集开 发、办公、娱乐等于一体，支持Windows虚拟机、Linux、安卓容器以及所有的国产操作系统。 （来源：智通财经） 0:00 ...

（文章来源：每日经济新闻） 每经AI快讯，12月20日，摩尔线程创始人、董事长兼CEO张建中在摩尔线程首届MUSA开发者大会上发布AI算力本MTT AIBOOK笔记本。目前该笔记本已在京东开放预售，32GB、1TB 版本预售价9999元，将于2026年1月10日正式开售。该笔 记本搭载摩尔线程新发布的自主研发智能SoC 芯片"长江"，集成高性能全大核CPU，以及摩尔线程全功能GPU，支持 MUSA 统一架构，异构AI算力达50TOPS。 ...

12月20日，摩尔线程创始人、董事长兼CEO张建中在摩尔线程首届MUSA开发者大会上发布AI算力本 MTT AIBOOK笔记本。目前该笔记本已在京东开放预售，32GB、1TB 版本预售价9999元。 该笔记本集开发、办公、娱乐等于一体，支持Windows虚拟机、Linux、安卓容器以及所有的国产操作 系统。 智通财经记者了解到，该笔记本搭载摩尔线程新发布的自主研发智能SoC 芯片"长江"，集成高性能全大 核CPU，以及摩尔线程全功能GPU，支持MUSA 统一架构，异构AI算力达50TOPS。 ...

Group 1: IPO Developments - Moer Technology has officially launched its IPO process on the Sci-Tech Innovation Board, with plans to issue shares on November 24, 2023, marking the emergence of China's first domestic GPU stock [2] - The company focuses on the independent research and development of full-function GPUs and has achieved significant technological breakthroughs in AI computing acceleration and graphics rendering [2][3] - Yushu Technology has completed its domestic listing guidance and will soon submit its prospectus, specializing in high-performance robots and robotic components [4][5] Group 2: Company Performance and Market Position - Moer Technology has released four generations of GPU architecture chips since 2021, with products achieving performance levels comparable to international standards, such as the MTT S80 graphics card nearing the performance of NVIDIA's RTX 3060 [3] - Yushu Technology's revenue structure indicates that approximately 65% of sales come from quadruped robots, with a strong focus on research and education applications [5] - Tuda Technology has become the first global supplier to achieve mass production of automotive-grade LiDAR solutions, delivering over 181,131 units in the first three quarters of the year, reflecting a 7.7% year-on-year growth [6] Group 3: Financial Data and Growth - Insilico Medicine has reported revenue growth from $30.15 million in 2022 to an estimated $85.83 million in 2024, with a significant improvement in gross margin from 63.4% to 90.4% over the same period [8] - The company has narrowed its net loss from $222 million in 2022 to $17.1 million in 2024, indicating a dual-engine business model's effectiveness [8] - Tuda Technology has achieved a gross margin of 12.9% in the first five months of the year, with expectations of positive gross margins for four consecutive quarters starting from Q4 2024 [6]

Group 1: IPO Developments - Moer Thread has officially launched its IPO on the Sci-Tech Innovation Board, with a stock code of "688795," and plans to start subscription on November 24, marking a significant step in China's high-end GPU chip sector [3][4] - Moer Thread is recognized as the only domestic company that has achieved mass production of full-function GPUs, with applications in various fields including AI model training, digital twin, and cloud computing [5] - Yushu Technology has completed its domestic IPO counseling and will soon submit its prospectus, focusing on high-performance quadrupedal and humanoid robots [7][8] Group 2: Company Highlights - Moer Thread's MUSA unified system architecture allows for simultaneous support of AI computing acceleration, graphics rendering, and other advanced functions, establishing a key technical benchmark in the domestic high-end AI chip sector [4] - Yushu Technology has reported annual revenues exceeding 1 billion yuan, maintaining profitability since 2020, with a significant portion of its sales coming from quadrupedal robots [9][8] - Insilico Medicine has updated its prospectus for its Hong Kong IPO, focusing on AI-driven drug development and has established partnerships with major pharmaceutical companies [14][15] Group 3: Market Performance - Seyond Holdings Ltd. (Tudatong) has passed its hearing and plans to list on the Hong Kong Stock Exchange on December 10, specializing in automotive-grade LiDAR solutions [11][12] - Tudatong has delivered approximately 181,131 automotive-grade LiDAR units in the first three quarters of the year, reflecting a year-on-year growth of 7.7% [11] - Insilico Medicine's revenue is projected to grow from $30.15 million in 2022 to $85.83 million in 2024, with a significant increase in gross margin from 63.4% to 90.4% over the same period [15]

Core Viewpoint - The successful IPO of Moore Threads on the Sci-Tech Innovation Board highlights the strong support from the Shanghai Stock Exchange for hard technology enterprises and the emphasis on artificial intelligence and new productivity by policy makers [1][2]. Company Overview - Moore Threads, established in 2020, focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [1][2]. - The company is one of the few domestic GPU manufacturers that integrates both graphics rendering and AI computing, offering a comprehensive product layout from cloud to edge [1]. Financial Performance - In the first half of 2025, Moore Threads is projected to achieve a revenue of 702 million yuan, surpassing the total revenue of 608 million yuan from 2022 to 2024, which reflects a compound annual growth rate of over 200% [2]. - The revenue growth is attributed to the continuous expansion of the product matrix and sustained market demand, with the company launching a new generation of GPU architecture chips annually from 2021 to 2024 [2]. Product Development - Moore Threads has introduced four generations of chips, including "Sudi," "Chunxiao," "Quyuan," and "Pinghu," with the upcoming "Changjiang" smart SoC chip set to launch in 2024 [2]. - The performance of Moore Threads' products is approaching or has reached international advanced levels, with specific products like the MTT S80 graphics card showing single-precision floating-point performance comparable to NVIDIA's RTX 3060 [2]. Market Position and Trends - Moore Threads is currently the only domestic manufacturer capable of mass-producing full-function GPUs, with products adaptable to various application scenarios, including large model training, digital twins, consumer electronics, and cloud computing [3]. - The demand for computing power driven by AI and large model training is surging, positioning GPUs as a core computing engine and emphasizing the importance of achieving self-sufficiency in GPU technology [3]. Industry Outlook - According to Frost & Sullivan, the global GPU market is expected to reach 3.6 trillion yuan by 2029, with China's GPU market projected to grow to 1.36 trillion yuan, increasing its market share from 30.8% in 2024 to 37.8% [3]. - The AI chip market in China is forecasted to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a compound annual growth rate exceeding 50%, making GPUs one of the fastest-growing segments [3][4]. Technological Advancements - As the digital economy advances, the application scenarios for GPUs are expanding beyond traditional graphics processing to include AI computing, digital twins, intelligent driving, and the metaverse, necessitating higher requirements for versatility, computing performance, and ecosystem compatibility [4]. - Companies adhering to a full-function GPU technology route are likely to achieve broader industrial application, with Moore Threads positioned as a leading player in this domain [4].